Wanda sells dozens of hotels to slash debt

Wanda sells dozens of hotels to slash debt

Beijing – 10 July 2017 – Chinese conglomerate Wanda will sell dozens of hotels and other projects to developer Sunac China Holdings for US$9.3 billion to slash debt, two weeks after acknowledging it was being probed following heavy overseas investments.

Hilton Guangzhou Baiyun

It is China’s largest-ever property deal, according to Bloomberg News, and will see Sunac buy 76 hotels outright and take a 91 percent stake in 13 other “cultural and tourism projects” within China, the companies said.

Wanda, headed by one of China’s richest men, Wang Jianlin, was among the more acquisitive players in a flood of Chinese money overseas that raised concerns in Beijing over “irrational” investments.